Will the personas created support the long-term vision of your business ? Subsequent add-ons , features and so on ? Be very specific and detailed . Make it as realistic as possible , as this will make decisions on how to get in front of your customer eyeballs easier . Speak to their understanding , then successfully translate them into paying customers .
Competitors Analysis
Here you will need to find out who else is in this market and how they will most likely react to your setting up shop . It is ill-advised to launch a new product without a comprehensive knowledge of who those on the other side of the fence are - your competitors .
A go-to-market strategy is a document that will need constant revision , think of it as a business plan but for your marketing efforts , so having a deep understanding of the market as it is now and what the possible changes in industry climate will be will always give you a competitive edge over your competitors .
Questions such as : What market trends are looking to disrupt your industry , which will affect your product success ? Your main competitors ? Their Offerings ? Digital Footprint ? Highest Conversion Channels ? How will they react to your product launch ? Will they replicate the same approach or launch a closely related product ?
Dissemination
Once you have identified your customers and are now interested in purchasing your product , how do you hope to fulfill that need ? Physical stores ? If yes , how do you get it there through partnerships ? The launch of an outlet ? An E-commerce Site or a Third Party affiliate site ? Dissemination of products should never be left as an afterthought .
Is your product Marketing- Intensive or Sales- Intensive ? That is , will your customers respond better to Marketing or Sales ?
In as much as one does not negate the other , you need to determine which will work effectively in reaching your customer base more efficiently . In some industries , traditional sales are it , while in others , the reverse is expected . Here are some factors to consider :
Pricing : Higher prices and economic decisions for customers are better suited to sales than marketing .
Long Term Business Relationships : Sales helps you connect more regularly with customers , while marketing puts you in front of customers when they need you .
Business to Consumer or Business to Business : Is your product geared towards - companies or individuals ? Marketing is better suited to Individuals , while companies will be sold the idea of the product .
Market Size : Are your customers of a larger market size where direct sales won ’ t be visible or a niche market size who will require that one-on-one approach ?
Product Understanding : Is your product so complicated that potential customers will need detailed explanations from your Salesperson ? Or is it off the bat selfexplanatory ?
Having a clear sense of an approach will significantly help you develop an efficient go-to-market strategy for any of your products , which will ensure a profitable business outcome .
Ms . Kehinde Ruth Onasoga is the Principal Consultant , Pandora Agency Limited . You can commune with her on this or related matters via email at : Kro @ pandoraagency . co .
ltd